Cyber security resources and support

 

Cyber criminals are nothing if not adaptable. So, it’s no surprise they adjusted to the ‘new normal’ of digital transformation and widespread remote working. And the relative anonymity of cryptocurrency payments has made cyber criminals bold. The Australian Cyber Security Centre (ACSC) found that during the 2020-2021 financial year malicious actors launched 13% more cyber attacks on Australian businesses. This resulted in Australian businesses collectively losing A$33 billion. Finance-sector businesses have always been a juicy target. 

Why accounting firms are worried. Small-to-medium businesses, which don’t have the IT resources of the big players, have long been extra vulnerable. Now, accountancy firms find themselves in an even more exposed position. Working from home means a lot more business emails and texts flying around. These messages are often sent from or to poorly secured personal devices. That’s seen fraudsters double down on phishing in general and ‘business email compromise’ (BEC) scams in particular.

A BEC scam is when criminals masquerade as, say, a partner in an accountancy firm. They then convince someone to, for instance, pay a fake invoice. There are other cyber threats, such as ransomware attacks, firms also need to defend against. BEC and ransomware are where malicious actors seem to be currently concentrating their efforts.
It’s not only the financial losses that can be devastating. In most APAC countries, businesses must now report cyber attacks to the relevant authorities. And then notify their customers their data may have been compromised. Cyber attacks can cause serious reputational damage as well as having potential legal consequences. This is mostly when relevant data protection and privacy laws have not been followed.

What to do? Even the smallest accountancy firms can buttress their cyber defences by:

• disallowing the use of easy-to-guess passwords
• insisting on multi-factor authentication
• using a Virtual Private Network (VPN) 
• using privacy and security settings on your company and personal social media.

What should you do next? Read our three-step guide for building a solid foundation of cyber security in your organisation. 
It’s on the CPA Australia cyber security hub, which has information for accounting and finance professionals on cyber security.
And make sure you stay aware of new threats by regularly checking www.cyber.gov.au